Broker Quoted ~$150/mo for 30yr - 1mil Term Policy

[aelfex]

I was quoted about $150/mo for a 1mil 30yr term life policy. Was wondering if these numbers looked correct?

From a health perspective, I'm in perfect shape, other than having lifelong asthma which he said is a tough one (not sure if he meant having it, for the insurance rate, or both?)

I compared results on https://www.term4sale.com/ and found that this is definitely on the higher end, but assuming that is because these are more reputable companies or something along those lines.

EDIT: Sorry should have added this as I keep seeing it come up - 31M

 

[yhjmkiop]

@aelfex It’s impossible to say, especially with so little to go on.

I mean for starters, we don’t even know your age or gender, which are the two most important factors. Like if you’re 50+ years old, get tf off of Reddit and go sign that contract, because $150/month is most certainly a steal. But if you’re in your 20s or early 30s, it probably makes sense to look around more.

The only realistic way to know if that’s a good or bad rate is to shop around. If you’re truly in really good shape other than the asthma, you’d probably benefit from going through an underwriting physical to prove that, but like I said, we just have nothing to go on here.

 

[aelfex]

@yhjmkiop Thanks this is helpful. Just updated the post as I completely spaced on that detail, but I'm 31 going on 32 in a few weeks, so it did seem a bit high. Definitely going to shop around as I've seen some other quotes for the same companies mentioned here ranging from $50-180

 

[aelfex]

@aladinair Unsure - meant to ask but ran out of time. Have a call scheduled for tomorrow morning though and plan to ask then.

 

[daniel]

@aelfex Look at protective life and prudential. They both offer good rates on term.
Based on the info you've provided and the carriers I work with, it seems to be a decent quote. Do you need 1 mill, or is it just a number that sounds nice. It's old school, but take your annual salary and multiply it by 6, and that is what you should start with. You can go upto 10x but that would depend on the situation you will leave your family with. Best of luck to you.

 

[aelfex]

@daniel Thank you! A mil is the right amount considering our salaries, lifestyle, kids, etc.

 

[daniel]

@aelfex You're welcome.

 

[qity]

@aelfex Really depends on your age/sex.

That could be very expensive for a 30yo and very inexpensive for a 45yo.

Companies that show up near the top like Banner, Pac Life, Protective, American General (Corebridge) are still highly reputable so I wouldn't pay up for my term insurance if all I cared about was the death benefit and price.

Some of these carriers may have poor convertibility options though so take that into account if it's important to you.

 

[aelfex]

@qity I'm 31, soon to be 32 so to me it seemed a bit expensive considering I see quotes estimated in around 50-80 for the same companies.

 

[aatif]

@aelfex How serious is the asthma? Regular inhaler use? More than one? Nebulizer? Ever been hospitalized due to it?

Do you smoke?

Depending on the answers to the questions about asthma, which genuinely can cause your rate to go up, I would run the term4salw quote at "regular plus" rates or "regular". Even still that looks high to me.

It sounds like he's probably actually quoting a simplified issue policy. Did he promise not to have a medical exam or something?

 

[aelfex]

@aatif No, there will be a med exam or they will contact my PCP for a history. And then they also come out and do a blood pressure test during your work hours while working, which I found odd.

Anyways asthma isn’t bad. Very controlled with daily inhaled steroid (Advair) but never been hospitalized. Nebulizer is only need if I’m super sick, like when I had COVID or the Flu

 

[aatif]

@aelfex I would be on the safe side and say you should quote regular rates but probably not worse.

Not sure why he is quoting you so high.

 

[aelfex]

@aatif Right? Thanks for the response. Definitely going to shop around

 

[javelinda]

@aelfex Depends on your age but from my view it's not bad at all you must be relatively young